Tabcorp's interim result materially exceeded Morgans' expectations, with another record result from Lotteries & Keno the clear highlight. As expected, Wagering & Media and Gaming Services were impacted by venue closures.

These businesses should nevertheless benefit from an easing in covid restrictions from the second half onwards. Wagering and Gaming are adequately funded to pursue their respective growth strategies post de-merger, the broker notes.

Add retained, target rises to $6.12 from $5.70.

Sector: Consumer Services.

Target price is $6.12.Current Price is $5.33. Difference: $0.79 - (brackets indicate current price is over target). If TAH meets the Morgans target it will return approximately 13% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2022 Acquisdata Pty Ltd., source FN Arena